Success Payment. UNIVERSITY shall receive a success payment (“SUCCESS PAYMENT”) in the event of a CHANGE OF CONTROL TRANSACTION in accordance with this Article 5.1(1). The amount of the SUCCESS PAYMENT shall be equal to the product of (i) the Applicable Percentage set forth in the table below opposite the calendar year in which the closing of the CHANGE OF CONTROL TRANSACTION occurs multiplied by (ii) the NET EQUITY RETURN.
Success Payment. If the Company achieves a minimum of $32 million of net sales for any quarter in calendar year 2003 (the first such quarter, the "Bonus Quarter"), then the Company shall pay to Executive within 4 weeks of the end of such quarter an amount equal to the sum of (a) the second half of the 2002 Bonus, $29,500.50 (the "Second Half Bonus") and (b) an amount equal to one quarter of the 2002 Bonus, $14,750.25 (in the aggregate, the "Success Bonus Payment"). Subject to Section 1.3, if the Company never achieves a minimum of $32 million of net sales for any quarter in 2003, then the Second Half Bonus shall be forever forfeited by Executive and the Company shall have no obligation to pay the Second Half Bonus. The Success Bonus Payment shall be made even if Executive is not employed with the Company at the time of the payment so long as Executive had been employed with the Company during the whole Bonus Quarter.
Success Payment. Provided the Executive is employed by the Company on the Restructuring Date, the Executive shall be entitled to receive, promptly, not later than ten business days following the Restructuring Date, a lump sum cash payment of five hundred thousand dollars ($500,000.00)
Success Payment. If the Steering Committee determines that ArQule met its quarterly Production Goals for the two years following the Effective Date, Pfizer shall pay to ArQule an additional amount of up to * dollars ($*) in quarterly installments (each a “Success Payment”) as set forth in Exhibit E. Each Success Payment will be paid quarterly as follows: (i) if fewer than * of the Production Goals for a Calendar Quarter have been met, * Success Payment shall be paid to ArQule for that Calendar Quarter; (ii) if between * and * of the Production Goals have been met for a Calendar Quarter, then Pfizer will pay to ArQule * of the Success Payment for that Calendar Quarter; and (iii) if greater than * of the Production Goals have been met for a Calendar Quarter, then Pfizer will pay ArQule * Success Payment for that Calendar Quarter. Notwithstanding the foregoing, ArQule may cure any shortfalls in achieving the Production Goals for any Calendar Quarter in the next Calendar Quarter. To the extent ArQule cures any such shortfall within the allotted time period, Pfizer will pay any withheld amount of the Success Payment that would have been payable as set forth in this Section as if such Production Goals had been satisfied in the preceding Calendar Quarter.
Success Payment. Commencing not later than 45 days after the date of this Agreement, Company and Executive agree to negotiate in good faith to establish mutually agreeable arrangements for payment to Executive (whether in cash, stock of the Company, stock options, phantom stock, or some other form) of incentive compensation based upon mutually agreed performance criteria and goals, and to agree upon that arrangement within 90 days of the date of this Agreement or such additional time as may be mutually agreed upon.
Success Payment. The Executive shall be entitled to receive an incentive payment with respect to the Emergence (such payment, the "Success Payment"). The amount of the Success Payment and any other terms and conditions applicable thereto shall be determined in connection with the process during which the Company's plan of reorganization is developed and finalized.
Success Payment. Fiberite shall pay TRTC a success fee of $25,000 on the later of (i) February 28, 1997, or (ii) such date (the Process Milestone Date) that it demonstrates, to Fiberites reasonable satisfaction, the ability to recycle 100 pounds of composite material per hour using the TRTC Enhanced Technology.
Success Payment. If the Steering Committee determines that ArQule met its quarterly Production Goals for the two years following the Effective Date, Pfizer shall pay to ArQule an additional amount of up to * dollars ($*) in quarterly installments (each a "Success Payment") as set forth in Exhibit E. Each Success Payment will be paid quarterly as follows: (i) if fewer than *. Notwithstanding the foregoing, ArQule may cure any shortfalls in achieving the Production Goals for any Calendar Quarter in the next Calendar Quarter. To the extent *.
Success Payment. Subject to the provisions of Section 9 hereof, if the Restructuring Date shall occur on or prior to April 30, 2004, the Chairman shall be entitled to receive, promptly but in no event later than five days following the Restructuring Date, a cash lump sum payment (the "Success Payment"). If the Restructuring Date occurs on or prior to July 31, 2003, the Success Payment shall be $4,000,000; if the Restructuring Date occurs following July 31, 2003, the amount of the Success Payment shall decrease by $7,299 on a daily basis thereafter, commencing on August 1, 2003. If the Restructuring Date occurs following April 30, 2004, no Success Payment will be made.
Success Payment. Upon the occurrence of a Corporate Transaction, the Executive will be entitled, provided that the Executive is currently employed by the Company on the date of such occurrence (unless otherwise provided under Section 6), to receive from the Company, as additional compensation, a transaction success payment (the “Success Payment”), as follows:
5.3.1. Up to an amount equal to the first $4,000,000 of total Net Proceeds from all such transactions in the aggregate; plus
5.3.2. An amount (not to exceed $1,000,000) equal to the Net Proceeds, if any, in excess of $8,000,000 up to, but not exceeding $9,000,000 of such Net Proceeds; and
5.3.3. An amount equal to 5% of total Net Proceeds in excess of $9,000,000 from all such transactions in the aggregate. The Success Payment will be in the same form of consideration as is received by the Company’s equity holders (provided that the Company, in its sole discretion, may determine that all or any portion of the Success Payment will be paid in cash) and will be payable to the Executive by the Company on or about the time or times such Net Proceeds are actually distributed or paid to the Company’s equity interest holders. Any payments made under this Section 5.3 shall be paid within 2 and 1/2 months of the end of the year in which such payment is no longer subject to a substantial risk of forfeiture.
